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Exclusive: Captain Fresh lines up debt funding before public listing

EntrackrEntrackr ยท 1m ago
Exclusive: Captain Fresh lines up debt funding before public listing
Medial

Exclusive: Captain Fresh lines up debt funding before public listing B2B seafood supply chain company, Captain Fresh is raising Rs 45 ($5.3 million) in debt funding from Lighthouse Canton and Stride Ventures ahead of its planned initial public offering (IPO). The Bengaluru-based company recently transitioned into a public entity, as exclusively reported by Entrackr a couple of weeks ago. As per its filings with the Registrar of Companies (RoC), Captain Freshโ€™s board has passed resolutions to issue 4,500 non-convertible debentures (NCDs) with a face value of Rs 1,00,000 each to raise the aforementioned amount. Notably, the company has already received Rs 30 crore from Lighthouse Cantor, with the remaining amount expected to follow shortly. The Tiger Global-backed company reportedly plans to file its IPO papers in mid-August and is in talks to raise $50โ€“75 million in a pre-IPO round ahead of its proposed $400 million initial public offering. It has also roped in Axis Capital and Bank of America (BofA) as lead bankers for the issue. Founded in 2019 by Utham Gowda, Captain Fresh is a multi-species seafood brand that provides a platform for sourcing and supplying animal protein, including fish, crabs, lobsters, and other seafood. According to the startup data intelligence platform TheKredible, Captain Fresh has raised over $200 million to date, including a $30 million pre-IPO round in January this year from Prosus, Accel, Tiger Global, and others. Matrix Partners, Accel, Tiger Global, Ankur Capital, and Prosus are some notable investors for Captain Fresh. While the company has yet to disclose its FY25 numbers, Captain Freshโ€™s gross revenue (GMV) rose 71% to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The company also reduced its net loss by 22%, bringing it down to Rs 229 crore in the same period.

IPO-bound Captain Fresh to secure debt from Trifecta

EntrackrEntrackr ยท 4m ago
IPO-bound Captain Fresh to secure debt from Trifecta
Medial

Captain Fresh is set to raise Rs 30 crore in debt funding from Trifecta Ventures ahead of its public listing. The company will issue 3,000 Series B5 non-convertible debentures to Trifecta Ventures Debt Fund for the aforementioned sum, according to its regulatory filings sourced from the Registrar of Companies (RoC). Captain Fresh operates a farm-to-retail platform for animal protein, primarily dealing in fish, seafood, and sheep. It sources directly from farmers and agents, catering to B2B, B2R, and B2B2C segments. This debt infusion comes on the heels of its Rs 250 crore (around $30 million) raise in an ongoing pre-IPO funding round. Financially, Captain Fresh reported a 71% jump in gross revenue (GMV) to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The company also narrowed its net loss by 22% to Rs 229 crore during the same period. Captain Fresh is preparing to file for its IPO by the end of this year. As per media reports, the company has appointed Axis Capital and BofA as bankers for a proposed IPO worth $350-400 million.

Exclusive: Captain Fresh to raise Rs 1,700 Cr via fresh issue in IPO

EntrackrEntrackr ยท 5d ago
Exclusive: Captain Fresh to raise Rs 1,700 Cr via fresh issue in IPO
Medial

Exclusive: Captain Fresh to raise Rs 1,700 Cr via fresh issue in IPO B2B seafood supply chain startup Captain Fresh is set to raise Rs 1,700 crore (about $200 million) through a fresh issue of shares as part of its upcoming initial public offering (IPO). The Tiger Global-backed company is reportedly eyeing a total issue size of $350-400 million, including an offer for sale (OFS). According to regulatory filings accessed by Entrackr, the companyโ€™s board approved a special resolution earlier this month to issue equity shares worth up to Rs 1,700 crore in a fresh issue. The move comes close on the heels of its transition into a public limited company, which Entrackr had exclusively reported in July. The filings further indicate that Captain Fresh is in the process of submitting its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The companyโ€™s shares will be listed on both the BSE and NSE following regulatory approvals. Captain Fresh declined to comment on the story. Founded in 2020 by Utham Gowda, Captain Fresh is a multi-species, multi-geography seafood company that orchestrates transactions among various stakeholders in the seafood ecosystem. According to the startup data intelligence platform TheKredible, Captain Fresh has raised over $200 million to date, including a $30 million pre-IPO round in January this year from Prosus, Accel, Tiger Global, and others. Matrix Partners, Accel, Tiger Global, Ankur Capital, and Prosus are some notable investors for Captain Fresh. While the company has yet to disclose its FY25 numbers, Captain Freshโ€™s gross revenue (GMV) rose 71% to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The company also reduced its net loss by 22% to Rs 229 crore in the same period.

Captain Fresh raises Rs 250 Cr in ongoing pre-IPO round

EntrackrEntrackr ยท 6m ago
Captain Fresh raises Rs 250 Cr in ongoing pre-IPO round
Medial

Captain Fresh raises Rs 250 Cr in ongoing pre-IPO round Last month, the B2B startup secured Rs 100 crore (approximately $12 million) in funding from Motilal Oswal Wealth Limited. Entrackr exclusively reported the development. Captain Fresh, a seafood supply chain, has raised Rs 250 crore (approximately $30 million) in its ongoing pre-IPO funding round. Prosus Ventures, Accel, and Tiger Global led the round, while the family office of Sriharsha Majety, co-founder of Swiggy; Sid Khanna, chairman of India Equity Partners; Sunjay Kapur, chairman of Sona Comstar; Shivalik Prints, a textile and apparel manufacturer supplying global retailers; and multiple others participated. โ€œWe have transformed into a truly global business over the last 24 months, with more than 98% of our demand coming from outside India. The current funding enables us to exceed $1 billion in revenue in the next 12 months, which puts us among the top 25 seafood players in the world. We also have building blocks in place to expand margins, achieving 2X operating profits,โ€ said Utham Gowda, founder & Group CEO of Captain Fresh. Gowda added that the fresh capital will strengthen the balance sheet and serve as a strong foundation for the companyโ€™s upcoming IPO. It is preparing to file for its IPO by the end of this year. As per media reports, the company has appointed Axis Capital and BofA as bankers for a proposed IPO worth $350-400 million. Headquartered in Bengaluru, Captain Fresh operates globally with offices in Chicago, West Palm Beach, Paris, Madrid, Amsterdam, Oslo, Gdynia, and Dubai. The company sources multi-species seafood from the Pacific, Atlantic, and Indian Ocean regions while fulfilling the growing demand in high-capita markets like the US, Europe, and the UAE. According to TheKredible, Captain Fresh has raised a total funding of $176 million to date, and Gowda holds a 17.25% stake in it. Captain Freshโ€™s gross revenue (GMV) increased by 71% to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The firm managed to reduce its net loss by 22% to Rs 229 crore in the last fiscal year. The company claims that it has been PAT profitable for the last two consecutive quarters and is on track to close FY25 with revenue of $550 million (Rs 4,620 crore).

Exclusive: Tiger Global-backed Captain Fresh converts into public entity

EntrackrEntrackr ยท 1m ago
Exclusive: Tiger Global-backed Captain Fresh converts into public entity
Medial

B2B seafood marketplace Captain Fresh is gearing up for a listing on the Indian stock exchanges after transitioning into a public limited entity. The board of Captain Fresh has approved a resolution to change its status to a public company and rename it from "Infifresh Foods Private Limited" to "Infifresh Foods Limitedโ€, according to its regulatory filing accessed from the Registrar of Companies (RoC). This development comes just a few months after the company appointed Durgesh Kumar Singh, Anil Berara, and Harita Gupta as independent directors, a separate filing shows. Captain Fresh is reportedly planning to raise $350โ€“400 million at a valuation of over $1 billion through its initial public offering (IPO), comprising both a fresh issue of equity shares and an offer for sale (OFS). The company has also roped in Axis Capital and Bank of America (BofA) as its bankers. Founded in 2019 by Utham Gowda, Captain Fresh is a B2B seafood marketplace offering a farm-to-retail platform for animal protein, including fish, seafood, and sheep. The startup sources directly from agents and farmers, supplying across B2B, B2R, and B2B2C channels. According to the startup data intelligence platform TheKredible, Captain Fresh has raised over $200 million to date, including its $30 million pre-IPO round raised in January this year from Prosus, Accel, Tiger Global, and others. Captain Freshโ€™s gross revenue (GMV) grew 71% to Rs 1,395 crore in FY24, up from Rs 817 crore in FY23. The company also trimmed its net loss by 22%, bringing it down to Rs 229 crore during the last fiscal.

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